I continue to see the fast money exit the markets. You can see it easily through the behavior of the Russell 2000. This tells us the momentum guys are continuing to get hammered and that makes any real lift hard as they are the torch bearers in the early advance moves. Note that they are fickle and more apt to turn on a dime though so if things stablize they could catch a bid.
I was looking to see if the 1198 area would hold on the SPX and the NDX 1508. Both have done so and with another test likely within the hour, if they continue to hold, look for some buying to materialize. I will switch and work the indexes long if that occurs. We should see that soon.
I was looking to see if the 1198 area would hold on the SPX and the NDX 1508. Both have done so and with another test likely within the hour, if they continue to hold, look for some buying to materialize. I will switch and work the indexes long if that occurs. We should see that soon.
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